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, anything to raise revenue by taxes, tax cuts. anything they say is going to hurt somebody, and that will be less of boats for them. i agree with the term limits. i believe we should drop the gerrymandering by getting rid of the party affiliations when you fill out your voter registration. if you don't have a party affiliation, they cannot tell who you are going to vote for. thank you for taking my call. >> thank you for calling in this evening. roger from orlando, please go ahead, republican. >> i just want to say we will never get up this fiscal mess until the democrats understand that you cannot spend more money than you have. families have to live with a so does the country. send it back to the senate's and their them not to pass it, and say happy new year. kreps philip and alabama, independent line. good evening -- philip in alabama. >> the people of this country have created this mess we are in. we are the ones that elected yahoos who are sitting there right now, not accomplishing one thing. we should have stayed out of iraq
, anything to raise revenue by taxes, tax cuts. anything they say is going to hurt somebody, and that will be less of boats for them. i agree with the term limits. i believe we should drop the gerrymandering by getting rid of the party affiliations when you fill out your voter registration. if you don't have a party affiliation, they cannot tell who you are going to vote for. thank you for taking my call. >> thank you for calling in this evening. roger from orlando, please go ahead,...
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, he got $3 worth of tax cuts for every $1 in tax hikes. the tax cuts never came. however -- and this is the ratio right now. as juliet mentioned. 4 # 2-1. $42 in new tax hikes to every dollar in spending cuts. a lot of conservatives do not like that. that is not a good deal to them. >> the house has not voted yet. this is going to be in their hands at this point. john boehner is like we've got to look at things. it's not going to happen overnight. >> it seems like a couple of weeks ago but it was about a week ago when the house of representatives voted on boehner's plan b which would have set the threshold at $1 million. now they're going to vote on it at $450,000. you've got to figure a lot of republicans aren't going to go along. >> what exactly happened? we're going to go over this in detail with chad who saw the play-by-play and was e-mailing us the play-by-play. mitch mcconnell called up -- bypassed senator reid who never got back to him on saturday and said can i speak to the vice president, joe biden? we're used to cutting deals tog
, he got $3 worth of tax cuts for every $1 in tax hikes. the tax cuts never came. however -- and this is the ratio right now. as juliet mentioned. 4 # 2-1. $42 in new tax hikes to every dollar in spending cuts. a lot of conservatives do not like that. that is not a good deal to them. >> the house has not voted yet. this is going to be in their hands at this point. john boehner is like we've got to look at things. it's not going to happen overnight. >> it seems like a couple of weeks...
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estate tax in familiar. and it was at 35% right now. democrats wanted to raise it to 45%. it looks like it will be 40%, beginning with $5 million. above my head. >> senate getting ready to vote now and then goes to the house and we'll see what happens there. >> yes. and they reconvene at noon today. no football games for them, right? >>> this holiday will be another day in the hospital for secretary of state hillary clinton after doctors discovered a blood clot in her head. she's being treated in a manhattan hospital. wendy has the latest from new york. >> reporter: hillary clinton's doctors say they detected a clot in the vein between her brain and skull. >> if it dislodges, it could cause a stroke. doctors say there's no sign of that right now. >> reporter: it did not result in a stroke or neurological damage. she's being treated with blood thinners to help dissolve the clot. she's expected to make a full recovery. the doctors add that she's in good spirits and is making excellent progress. clinton's medic
estate tax in familiar. and it was at 35% right now. democrats wanted to raise it to 45%. it looks like it will be 40%, beginning with $5 million. above my head. >> senate getting ready to vote now and then goes to the house and we'll see what happens there. >> yes. and they reconvene at noon today. no football games for them, right? >>> this holiday will be another day in the hospital for secretary of state hillary clinton after doctors discovered a blood clot in her head....
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unemployment benefits would continue for one year and the estate tax would go up. we have learned lawmakers are still working out the automatic spending cuts. president obama weighs in saying middle class families can not get caught in the middle. >> the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families can not afford it, businesses cannot afford it, our economy can not afford it. >>trace: traders on wall street are watching the president's comments. the chance of going over the cliff may not look great but the dow is up for the time being. we have fox coverage with wendell at the white house. but, first, mike is live on capitol hill. the senate leader is the -- actually, the minority leader, what is he telling colleagues? >>reporter: he said they are very, very close. he would like to take action to avoid having americans suffer a huge tax increase in a matter of ten hours. there are a lot of anxious senators walking around wondering if or when they will get a chance to vo
unemployment benefits would continue for one year and the estate tax would go up. we have learned lawmakers are still working out the automatic spending cuts. president obama weighs in saying middle class families can not get caught in the middle. >> the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families can not afford it, businesses cannot afford it, our economy can not afford it. >>trace:...
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ultimately the american people will look at their property taxes, income taxes, estate taxes, sales taxes, and every other tax that they are being forced to pay and they will ask, who taxes and undermines my ability to take care of my family? mr. speaker, the history proves democrats raise taxes whenever they believe they can get away with it. conversely, history proves republicans protect as many american families as possible from democrat tax increases. mr. speaker, that is the fight the republican house fights today. republicans will fight today and republicans will fight tomorrow to protect as many american families as possible from the tax increases democrats passed when they controlled congress and the white house. and it is that difference, mr. speaker, that caused american voters to give republicans in the 2010 and 2012 elections their largest number of house of representatives victories in more than six decades. mr. speaker, fighting democrat tax increases, now that's a mandate. the speaker pro tempore: the gentleman yields back. the chair recognizes the gentleman from missouri,
ultimately the american people will look at their property taxes, income taxes, estate taxes, sales taxes, and every other tax that they are being forced to pay and they will ask, who taxes and undermines my ability to take care of my family? mr. speaker, the history proves democrats raise taxes whenever they believe they can get away with it. conversely, history proves republicans protect as many american families as possible from democrat tax increases. mr. speaker, that is the fight the...
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and, every working american's taxes will go up january 1st if they do nothing about the payroll tax, a pretty big increase, and, defense cuts and everyone agrees, with that policy to have middle class americans' taxes go up, and, it totally irresponsible defense cuts and this is what congress thinks is a good deal. >> chris: i'm not sure it is a good deal but avoids the worst of the fiscal cliff. senator bayh -- obviously, we don't know, what is your sense, no filibuster in the senate? you heard lindsay graham and do republicans pass whatever the senate agrees to? >> the odds are somewhat better than 50/50 we get a minimal deal in the senate. not one that solves our debt problem, as you pointed out earlier and this is a prequel to going through it again around the first of march over the debt ceiling and getting us through this crisis, slightly better than 50-50 and the real question is in the house of representatives and will it be enough of a compromise, that enough republicans can vote for it, to get through the house? i put that at 50-50. >> chris: byron, the most we can say, or
and, every working american's taxes will go up january 1st if they do nothing about the payroll tax, a pretty big increase, and, defense cuts and everyone agrees, with that policy to have middle class americans' taxes go up, and, it totally irresponsible defense cuts and this is what congress thinks is a good deal. >> chris: i'm not sure it is a good deal but avoids the worst of the fiscal cliff. senator bayh -- obviously, we don't know, what is your sense, no filibuster in the senate?...
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the major sticking points or entitlements and tax increases. house republicans met into the evening and we'll find out in the morning whether joe biden and mitch mcconnell made any progress in their talks. both houses will be back in session tomorrow. those are your headlines this hour, i'm don lemon, keeping you informed. cnn, the most trusted name in news. >>> three, two, one. and liftoff -- >> may 2012, space x launched a rocket into space, becoming the first commercial company to dock a space krach at the international space station. private companies instep stead of nasa sending cargo to the station. it was one of the space industry's top accomplishments. one of our top scientific breakthroughs of 2012. it was a banner year for bad behavior and not all of it easy to stomach. from sports to politics and beyond. here's joe johns with the ten most scandalous stories of 2012. >> number 10, royalty gone wild. this year the british royal jewels got a public viewing, in las vegas, prince harry got caught in his birthday suit playing strip billiar
the major sticking points or entitlements and tax increases. house republicans met into the evening and we'll find out in the morning whether joe biden and mitch mcconnell made any progress in their talks. both houses will be back in session tomorrow. those are your headlines this hour, i'm don lemon, keeping you informed. cnn, the most trusted name in news. >>> three, two, one. and liftoff -- >> may 2012, space x launched a rocket into space, becoming the first commercial...
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i think the tax reform, there's general disagreement here. but where they agree on things like corporate rate and immigration reform. >> let me put it a slightly different way. how long does president obama's second term last? >> well, they last four years. but there is a shelf life to what you can get done. people are going to start looking at the midterms pretty quickly. 2013 is a very important year. tax reform, immigration reform, we have to finish implementing the heltcare law. people are going to be signing up for exchanges all over the country. >> we don't know if barack obama is a liberal and limited to a four-year or a six year. he's now freel to do it. we don't really know by next year. >> i'm going to put you on the spot. so 2013, really the big rates. >> that's what i'm talking about. dominating the washington markets. >> it's such a fascinating race because it's kind of -- cuccinelli is kind of the national tea party hero in wading in some ways. it could be michelle bachman. cuccinelli, if he wins, it could be 2016. >> it could b
i think the tax reform, there's general disagreement here. but where they agree on things like corporate rate and immigration reform. >> let me put it a slightly different way. how long does president obama's second term last? >> well, they last four years. but there is a shelf life to what you can get done. people are going to start looking at the midterms pretty quickly. 2013 is a very important year. tax reform, immigration reform, we have to finish implementing the heltcare law....
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and i don't see it as a tax increase. taxes are going up under current law. i -- if pif i could stop them from going up for everyone i would. it takes a democratic senate, a democrat president to cooperate. it makes sense to save the maximum of taxpayers. that's not a tax increase, that's making perm what are temporary tax cuts for the overwhelming majority of americans. >> if there isn't a deal on fiscal cliff or if it's narrow, if it covers the bare minimum and there's a lot of issues still to be worked out, there's been a lot of disagreement about what that means in the short term, just say through january or february. do you think it would be catastrophic? do you think that there -- >> it's not -- >> it's been overstated? >> it's not catastrophic. but i think the failure to reach a larger deal will be something democrats look back and regret. once the revenue issue's taken care of -- and it will be taken care of quickly -- we're on to the real issues where we have leverage and they don't, that's spending and entitlement issues. there's a sequester itself,
and i don't see it as a tax increase. taxes are going up under current law. i -- if pif i could stop them from going up for everyone i would. it takes a democratic senate, a democrat president to cooperate. it makes sense to save the maximum of taxpayers. that's not a tax increase, that's making perm what are temporary tax cuts for the overwhelming majority of americans. >> if there isn't a deal on fiscal cliff or if it's narrow, if it covers the bare minimum and there's a lot of issues...
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that we're talking about, whether it's something called the alternative minimum tax or the estate tax or extending the current bush-era income tax cuts, all of them cost money. all of them mean we have less revenue to support the operations of government, so if going forward we're going to reach a balance, where we both cut spending and raise revenue, we have to achieve the right balance of those, so if there are folks in the other party, the republican party, who feel strongly that we should not allow income tax breaks of the last decade to continue, that's fine. i think they simply need to be willing to balance that with some of the democratic priorities like extending unemployment insurance benefits for nearly 2 million unemployed americans who will lose them tomorrow. >> thank you senator chris coons for joining us. >> thank you. >> coming up, former president george h.w. bush is out of icu, and the how the oak ridge boys may have helped lift his spirits. >>> and with less than 30 hours to go before the fiscal cliff, we're watching capitol hill for any kinds of a deal today. you'r
that we're talking about, whether it's something called the alternative minimum tax or the estate tax or extending the current bush-era income tax cuts, all of them cost money. all of them mean we have less revenue to support the operations of government, so if going forward we're going to reach a balance, where we both cut spending and raise revenue, we have to achieve the right balance of those, so if there are folks in the other party, the republican party, who feel strongly that we should...
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we need to protect the american families and businesses from this looming tax hike. everyone agrees that that action is necessary. in order to get things moving, i have just spoken with the majority leader. i also placed a call to the vice president to see if he could help jump-start the negotiations on his side. the vice president and i have worked together on solutions before, and i believe we can again. i want my colleagues to know that we'll keep everyone updated. the consequences of this are too high for the american people to be engaged in a political messaging campaign. i'm interested in getting a result here. i was here all day yesterday. as i indicated, we submitted our latest proposal at 7:00 p.m. last night. we're willing to work with whoever, whoever can help. there is no single issue that remains an impossible sticking point. the sticking point appears to be a willingness, an interest or frankly the courage to close the deal. i want everyone to know i'm willing to get this done, but i need a dance partner. mr. reid: mr. president? the presiding officer:
we need to protect the american families and businesses from this looming tax hike. everyone agrees that that action is necessary. in order to get things moving, i have just spoken with the majority leader. i also placed a call to the vice president to see if he could help jump-start the negotiations on his side. the vice president and i have worked together on solutions before, and i believe we can again. i want my colleagues to know that we'll keep everyone updated. the consequences of this...
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the alternative minimum tax. a lot of money that they're scrambling to find as they also deal with the tax issues. so it's really going to depend on what those numbers look like and boehner doesn't entirely have a sense until he has a senate proposal to try to sell to his house side. >> i just want to remind our viewers, we will join fareed zakaria, "gps" in progress as we watch the senate floor and the senate in general. for any signs of progress. there used to be the hastert rule, a majority of the majority, most republicans, in this case they're at majority, must support a bill before denny hastert would put it on the house floor. i don't get a sense that's where speaker boehner is. >> you could imagine a scenario where the house could pass an agreement that's reached in the senate, with a minority of republicans and dozens of democrats make up the difference. that would essentially be john boehner falling on his sword, diving on the grenade and giving up his speakership. you know, democrats might say this wou
the alternative minimum tax. a lot of money that they're scrambling to find as they also deal with the tax issues. so it's really going to depend on what those numbers look like and boehner doesn't entirely have a sense until he has a senate proposal to try to sell to his house side. >> i just want to remind our viewers, we will join fareed zakaria, "gps" in progress as we watch the senate floor and the senate in general. for any signs of progress. there used to be the hastert...
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rate should be as well as on taxes on small business as well as the death tax. they are very divided on this issue. >> the estate tax. yeah. so let me have you answer that. i have another subject i want to bring up. do you think there will be a deal and that most taxes will not go up? >> we're not there yet, but i'm hoping in a bipartisan way we can get something done before new year's day. >> okay. let me -- i wanted to play you something else, because you were an immigration lawyer before you came in, continues to be something you're interested in. and the president was talking about priorities for this year and here's what he had to say. >> i've said that fixing our broken immigration system is a top priority. i will introduce legislation in the first year to get that done. i think we have talked about it long enough, we know how we can fix it, we can do it in a grow hensive way that the american -- comprehensive way the american people support, that's something we should get done. >> sounds like it could be a done deal. talked enough about it. >> i think he
rate should be as well as on taxes on small business as well as the death tax. they are very divided on this issue. >> the estate tax. yeah. so let me have you answer that. i have another subject i want to bring up. do you think there will be a deal and that most taxes will not go up? >> we're not there yet, but i'm hoping in a bipartisan way we can get something done before new year's day. >> okay. let me -- i wanted to play you something else, because you were an immigration...
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capital games taxes, dividend taxes, estate taxes will all go up. everyone will see a 2% cut in your paycheck, since the payroll tax cut will expire. for every american that's about a $940 decrease in your annual takehome pay. we're talking about the child tax credit, the marital it penalty fixes, and on january 2, the stock market as you talked about, reopens, and the federal government reopens which means the sequestration kicks in. $110 billion in spending cuts a year for the next 10 years. that's a 9% cut in defense and 8% cut in domestic spending. and then we're not finished because january 7, that week, 2.1 million people will stop receiving their unemployment checks. all in all, economists say this could mean 3.4 million jobs lost and unemployment could reach 19.1% by the end of the 2013, and the u.s. will enter another recession, and yet congress can't get anything done >> there is a little bit of a cushion there. the i.r.s. didn't expect that we would get to this point. they thought congress would work something out, so it's not as if peopl
capital games taxes, dividend taxes, estate taxes will all go up. everyone will see a 2% cut in your paycheck, since the payroll tax cut will expire. for every american that's about a $940 decrease in your annual takehome pay. we're talking about the child tax credit, the marital it penalty fixes, and on january 2, the stock market as you talked about, reopens, and the federal government reopens which means the sequestration kicks in. $110 billion in spending cuts a year for the next 10 years....
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68% and secondly the death tax. 55% rate -- how fair -- >> let's go to the death tax. 6,000 of the wealthiest wealthiest estates are the difference between what president obama wants and jon kyl wants, $119 billion over ten years. for those 600,000 estates to give $119 billion away and instead take it out on cuts on medicare and roads and education is unconscionable. >> if you look at the bigger picture for a second, we've known for two years that these tax cuts would be expiring the day after tomorrow or the end of the day tomorrow. we've known these automatic cuts, the so-called -- this was going to be happening for more than a year. aren't you a little embarrassed as leaders in the congress that it has gotten to this point that tomorrow is new year's eve, the day it all expires, and you still don't have an agreement? i mean, we've been having this argument for two years. >> it is embarrassing but almost every disagreement we've had is not because of a senate where we've had lots of -- we've come to agreement on many things. there are 50 hard right people in the house who don't want to comp
68% and secondly the death tax. 55% rate -- how fair -- >> let's go to the death tax. 6,000 of the wealthiest wealthiest estates are the difference between what president obama wants and jon kyl wants, $119 billion over ten years. for those 600,000 estates to give $119 billion away and instead take it out on cuts on medicare and roads and education is unconscionable. >> if you look at the bigger picture for a second, we've known for two years that these tax cuts would be expiring...
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. >> that's with the $250,000 and under keeping their tax rate. everybody else gets a tax hike? >> i live in an alternate reality. the grew of age in politics in the clinton administration and watched pelosi and harry reid vote for tax increases under bill clinton that are the taxes we would go back to if we do nothing. at the same time, i watched nancy pelosi lead the charge against the bush tax cuts that ultimately now they want to keep 98% of. the truth is if we go over the cliff on a tax basis, we're only going back to the clinton era taxes. if we don't change spending, we're going to stay over the cliff. even if we go back to the clinton tax rates, the clinton tax rates, which is what the cliff is described as, you still have nearly half a trillion dollars a year, $5 trillion over ten years worth of deficit. that's because while we grew the -- under bush the taxes revenue went up 25%, and spending went up 100% in the last 12 years. if you put back the revenue from the higher taxes, you still have a deficit. that's what we're trying to change. >> we kind of are where we are,
. >> that's with the $250,000 and under keeping their tax rate. everybody else gets a tax hike? >> i live in an alternate reality. the grew of age in politics in the clinton administration and watched pelosi and harry reid vote for tax increases under bill clinton that are the taxes we would go back to if we do nothing. at the same time, i watched nancy pelosi lead the charge against the bush tax cuts that ultimately now they want to keep 98% of. the truth is if we go over the cliff...
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good morning, norah. >> will there be massive tax increases and steep spending cuts in 2013? we'll talk about the fiscal cliff to senator dick durbin and senator tom coburn on face the nation. >> osgood: next week here on sunday morning, a conversation with general stanley mcchrystal. and we catch up with actress laura durn. my doctor diagnosed it as fibromyalgia, thought to be the result of overactive nerves that cause chronic widespread pain. lyrica is believed to calm these nerves. i learned lyrica can provide significant relief from fibromyalgia pain. and for some people, it can work in as early as the first week of treatment. so now i can do more of the things that i enjoy. lyrica is not for everyone. lyrica may cause serious allergic reactions or suicidal thoughts or actions. tell your doctor right away if you have these, new or worsening depression, or unusual changes in mood or behavior, or any swelling or affected breathing or skin, or changes in eyesight, including blurry vision or muscle pain with fever or tired feeling. common side effects are dizziness, sleepines
good morning, norah. >> will there be massive tax increases and steep spending cuts in 2013? we'll talk about the fiscal cliff to senator dick durbin and senator tom coburn on face the nation. >> osgood: next week here on sunday morning, a conversation with general stanley mcchrystal. and we catch up with actress laura durn. my doctor diagnosed it as fibromyalgia, thought to be the result of overactive nerves that cause chronic widespread pain. lyrica is believed to calm these...
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i think the payroll tax was so for the making tax credit. so when that wasn't renewed that was the best option. i think the payroll tax cut is the best option. i feel like i'm one note on this but to go back to what i said earlier. ultimately, what will keep social security sustainable is the rate of growth in the economy. and i had to trade a couple more years of reduced revenue for social security for more growth, i think more growth is the right trade to make. i'm worried -- a lot of worrying about if we keep the payroll tax low or we lose money for social security over the long term? probably, but i think it's offset by the additional growth you get from just having lower unemployment and faster gdp growth and the whole nine yards. >> one thing that the way they have deviced the payroll tax holiday, they say technically speaking they're not taking money from social security. they're replacing it with money from the general budget. so you never actually have, a gap. but the concern is that that ends up lumping together social security, wh
i think the payroll tax was so for the making tax credit. so when that wasn't renewed that was the best option. i think the payroll tax cut is the best option. i feel like i'm one note on this but to go back to what i said earlier. ultimately, what will keep social security sustainable is the rate of growth in the economy. and i had to trade a couple more years of reduced revenue for social security for more growth, i think more growth is the right trade to make. i'm worried -- a lot of...
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is it just numbers in terms of tax brackets, were specific tax proposals? guest: believe what the two are fighting over is the threshold of the tax rates -- who is wealthy? people who make over $250,000 a year, or should that number be higher, $400,000, $500,000? another big sticking point is the estate tax. this has received a preferential tax rate dating back to the bush era tax cuts. it was extended again two years ago. that is the real sticking point. it divides the senate democrats. there are a number of senate democrats up for reelection in 2014 that not want to see that tax rate rise. that is a political football here as well. host: as we are in the final hours, what is motivating congress more, public perception, the stock market's? guest: i think it is both of those things. the stock market, all of the analysts i have talked to, they built in a certain amount of time to give congress a face to work this out. increasingly, there is concern that if they do not work this out, the markets will react. particularly kagel we go over the cliff and there is
is it just numbers in terms of tax brackets, were specific tax proposals? guest: believe what the two are fighting over is the threshold of the tax rates -- who is wealthy? people who make over $250,000 a year, or should that number be higher, $400,000, $500,000? another big sticking point is the estate tax. this has received a preferential tax rate dating back to the bush era tax cuts. it was extended again two years ago. that is the real sticking point. it divides the senate democrats. there...
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you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually generate? well, if we take about 12.4 days to run the federal government, that's the amount of money extra that the government would bring in to run the federal government. that's how much we spend in 12 days. so, all of this fighting back and forth, that's why so much is being said or lack of-- i guess i should say, lack of being said about cuts. and the real way we can grow this economy is cuts. get all of this out of control spending in place first. >> dave: right, and just the conversation alone that we're now having, the american people are the loser in this deal because none of this talk is abou
you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually...
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tax them! there's a real mood afoot in the country with regard to the very rich right now. >> the powerful took hits too. hardest fall from a high place, david petraeus. whose biographer turned out to be writing not so much between the lines as between the sheets. >> whoa! it was so salacious. it was something you'd expect to find, like, in a tabloid on the front page of a tabloid. >> everybody liked him. both sides of the aisle were big fans of david petraeus. but, it just goes to show you that power corrupts and ultimate power gets you laid. >> paula broadwell, she's a very capable, durable human being. she'll emerge from this with a huge book deal and maybe her own talk show. but mrs. petraeus, i just feel terrible for. >> other bad breaks. "newsweek" magazine folds, at least the print edition, going away after almost 80 years. it's all digital, now. hostess beaten down by financial troubles hands pink slips to 18,000 workers and walking papers to its signature products, including twinkies.
tax them! there's a real mood afoot in the country with regard to the very rich right now. >> the powerful took hits too. hardest fall from a high place, david petraeus. whose biographer turned out to be writing not so much between the lines as between the sheets. >> whoa! it was so salacious. it was something you'd expect to find, like, in a tabloid on the front page of a tabloid. >> everybody liked him. both sides of the aisle were big fans of david petraeus. but, it just...
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and don't forget, the payroll tax goes up, too. >> so taking out for social security taxes -- no one is talking about it. that says to me, those are going back up anyway. those are about a thousand in cost -- so let me ask you, there is the actual what will happen on january first? and it doesn't sound like people will have to worry about their taxes, most people. but what about the psychological impact? haven't we already seen it in christmas buying? haven't we already seen it in hiring? wouldn't we continue to see it -- you know, won't consumer confidence take a hit? won't businesses still say i don't know, i don't know what is happening. >> already has, candy, you have seen it in this year's christmas shopping season was lackluster, at best. i talk to businesses who say we're not hiring right now. we're just cancelling a lot of the plans to make new expenditures expenditures expenditure, this is not a good way to run a railroad. and the economy has already taken a hit because of all of this turmoil in washington. and as i said, i think you know look, i'm a republican. but i think
and don't forget, the payroll tax goes up, too. >> so taking out for social security taxes -- no one is talking about it. that says to me, those are going back up anyway. those are about a thousand in cost -- so let me ask you, there is the actual what will happen on january first? and it doesn't sound like people will have to worry about their taxes, most people. but what about the psychological impact? haven't we already seen it in christmas buying? haven't we already seen it in hiring?...
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seems to be a vote on taxes. democrats will be able to pocket taxes, but it will be separate from spendsing cuts from the outset and then likely there will be another set of negotiations after the new year that will have spending cuts and taxes in it. that sounds like a recipe for democrats getting more in taxes than they would have with an up front deal. are your colleagues worried about that at all or are you? >> first of all, you are enlightening me so something that i was not aware of. that was not the conversation i had with my colleagues across the aisle or with the minority leader. so, you have information that i don't have. look, we cannot solve the problem with taxes you have to do both. this country is in trouble fiscally and financially as well as ratings. if we do not do something significant, we will have a rating problem. and there will come a time that we cannot afford the interest. what is the best thing that we can do now, given the political dynamics in washington that actually makes difference
seems to be a vote on taxes. democrats will be able to pocket taxes, but it will be separate from spendsing cuts from the outset and then likely there will be another set of negotiations after the new year that will have spending cuts and taxes in it. that sounds like a recipe for democrats getting more in taxes than they would have with an up front deal. are your colleagues worried about that at all or are you? >> first of all, you are enlightening me so something that i was not aware...
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not allowed to exempt our manufacturers from that tax. now, we established the world trade organization at a time where we really didn't think anyone was going to compete, and we wanted to encourage other countries to build their industries, but the world has changed, and i think on a bipartisan basis, we need to push for a change in those wto, the sanction between indirect and direct taxation when it comes to tax credits for exports. sure? >> if you've come across companies that do actually export successfully in your research? >> absolutely. i talk about a number of them, and we still -- one of the companies i talked about is tucker powder. it's in alabama, and they export candy all over the world, and i described the alabama as an example of that you don't have to be on the coast to be -- to be successful at reporting, and one that they don't understand, we have a big port in alabama. they took exception with that. the point is that the -- even their pucker powder is extraordinary. they are going on trade fairs. they are going on trade
not allowed to exempt our manufacturers from that tax. now, we established the world trade organization at a time where we really didn't think anyone was going to compete, and we wanted to encourage other countries to build their industries, but the world has changed, and i think on a bipartisan basis, we need to push for a change in those wto, the sanction between indirect and direct taxation when it comes to tax credits for exports. sure? >> if you've come across companies that do...
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he says the least congress can do is protect most american tax pairs from rising tax rates due to take effect in the next couple of days. the least, it appears, rebecca, appears to be the most they can do. >> thank you. we'll check back later in the program. for more on how we got into this situation and what happens if nothing happens. michael santoly, it's great to have both of you with us. where does this stand right now? >> right now they're negotiating and things are being worked out behind closed doors by the top leaders in the house and senate and the white house, but particularly on the senate side right now and the question is can the senate leaders get together and come up with a plan that can pass through the senate that will at least give us a band-aid to prevent all these fiscal cliff measures from kicking in. but then after that can it pass the house of representatives and will speaker john boehner be able to find a way to get it through that might require actually mostly democratic votes which will leave republicans very unhappy with him. you'll have a couple of needles
he says the least congress can do is protect most american tax pairs from rising tax rates due to take effect in the next couple of days. the least, it appears, rebecca, appears to be the most they can do. >> thank you. we'll check back later in the program. for more on how we got into this situation and what happens if nothing happens. michael santoly, it's great to have both of you with us. where does this stand right now? >> right now they're negotiating and things are being...
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but until now they've done little to agree on tax increases on tax cuts until that time. people in this building have none what's coming on tuesday yet they're only returning to get back to work just now. senate came back yesterday. house members, well, they won't be back until sunday. this afternoon house on senate leaders met with president obama at the white house. they talked for about an hour. afterwards president obama said he was modestly optimistic. bypassing house speaker john boehner, who has had trouble getting his fellow republicans to agree to anything, the president called on senate majority on minority leads are harry reid on mitch mcconnell to work out a deal on then present it to the house. he also laid out a scaled down mini deal if they are can't manage it. >> if we don't see an agreement between the two leaders in the senate, i expect a bill to go on the floor, i asked senator reid to do this, put a bill on the floor that makes sure that taxes on middle class families don't go up, that unemployment is still available for 2 million people on that lays t
but until now they've done little to agree on tax increases on tax cuts until that time. people in this building have none what's coming on tuesday yet they're only returning to get back to work just now. senate came back yesterday. house members, well, they won't be back until sunday. this afternoon house on senate leaders met with president obama at the white house. they talked for about an hour. afterwards president obama said he was modestly optimistic. bypassing house speaker john boehner,...
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>> i think raising the capital gains tax, raising the dividend tax, raising the estate tax, raising taxes on small businesses, is a disaster for the economy, it's too fragile. >> that's not true at all. all the research shows that actually the economic activity is not that sensitive to tax rates at the top of the income distribution -- >> that's not true, it's the opposite. >> i'm sorry -- >>> the economy's highly sensitive, that's why countries around the world have been cutting their tax rates. >> we grew faster when we had higher tax rates. >> let's just do it another reality check on this. which is that, whether we go over the cliff or have a scaled-down deal, we've got two things looming, a debt ceiling in probably two months which republicans will no doubt use as leverage. we still don't have a grand bargain that deals with deficit and debt by taking on tax reform and entitlement reform. what rational reason, stephen, first you, should we have that that other kick the can to another situation we're about to go off a cliff would produce any different result from a new congress? >> i'
>> i think raising the capital gains tax, raising the dividend tax, raising the estate tax, raising taxes on small businesses, is a disaster for the economy, it's too fragile. >> that's not true at all. all the research shows that actually the economic activity is not that sensitive to tax rates at the top of the income distribution -- >> that's not true, it's the opposite. >> i'm sorry -- >>> the economy's highly sensitive, that's why countries around the world...
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lower taxes versus more of a social safety net. and every time they come close to an agreement, it falls apart because they have a fundamentally different idea on the issues. they have this divide in america, randy. >> so what happens next? how likely is it that we'll go over the fiscal cliff? i'm curious about the mood in washington right now. >> there is an increase in optimism because of the mood out of that meeting today. but i still would say the people who are -- placing bets in this town still expect that the nation will go over the fiscal cliff. so still a little bit more hope than what we woke up this morning, but no one is counting on being off on new year's eve. >> randy. >> jessica, thank you, more now on the raw politics, good to see you both. cornell, let me start with you here, the president said he wanted to see a straight up or down vote. as we mentioned that could happen in the senate. we could lose the up or down vote. >> you are going to see something come out of the senate. you have to pay attention to the tone
lower taxes versus more of a social safety net. and every time they come close to an agreement, it falls apart because they have a fundamentally different idea on the issues. they have this divide in america, randy. >> so what happens next? how likely is it that we'll go over the fiscal cliff? i'm curious about the mood in washington right now. >> there is an increase in optimism because of the mood out of that meeting today. but i still would say the people who are -- placing bets...
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listen, the answer is grover norquist no new tax pledge. that alone would free the republican party to engage in good faith, sensitive negotiations. everybody knows that our taxes are now at an historic low in the contemporary era and they're going to go out sort of naturally. and with the aging of the population, i guarantee you will be somewhere around 22% gdp. wouldn't it be nice if we could acknowledge that and say what's the most bowl, efficient way to structure a tax system, probably progressive consumption tax direct it in ways to accomplish a whole host of object is. as long as you have that pledge to which members signed, it's hopeless. the republican party cannot be a player in any constructive resolution of the problems confronting the country. there is no political space for a third-party to occupy. it's based on a presumption. we have two extreme parties and there's this great center to mobilize and i'm deeply skeptical that there's room for such a party and would really play a constructive role. is it going to get worse than i
listen, the answer is grover norquist no new tax pledge. that alone would free the republican party to engage in good faith, sensitive negotiations. everybody knows that our taxes are now at an historic low in the contemporary era and they're going to go out sort of naturally. and with the aging of the population, i guarantee you will be somewhere around 22% gdp. wouldn't it be nice if we could acknowledge that and say what's the most bowl, efficient way to structure a tax system, probably...
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the average american household would see their tax bill go up nearly $3,500. this evening, president obama telling congress, the american people are watching what we're doing here. he appeared in the briefing room a short time ago. let's go right to jon carl tonight. good evening. >> reporter: good evening, david. there are finally signs of life here in washington. after meeting with congressional leaders here at the white house, the president pronounced himself modestly optimistic that a bipartisan agreement can finally be struck that would prevent taxes from going up on virtually everybody in just four days. after meeting with the congressional leaders, the president said there would be one more effort to come to a bipartisan agreement to avoid the fiscal cliff. >> the hour for immediate action is here. it is now. and the american people are not going to have any patience for a politically, self-inflicted wound to our economy. >> reporter: there are signs of progress. mitch mcconnell and harry reid have agreed to spend the next 24 hours trying to come to a b
the average american household would see their tax bill go up nearly $3,500. this evening, president obama telling congress, the american people are watching what we're doing here. he appeared in the briefing room a short time ago. let's go right to jon carl tonight. good evening. >> reporter: good evening, david. there are finally signs of life here in washington. after meeting with congressional leaders here at the white house, the president pronounced himself modestly optimistic that a...
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lower taxes versus more of a social safety net. and every time they come close to a deal, it falls apart because they have this fundamental disagreement about ideas. that's how we got here. they cannot agree on this basic notionation over this idealogical divide in america. >> what happens next? how likely it is we will go over the fiscal cliff. i'm curious what the mood is like in washington, d.c. right now? >> there's an infinitesimal improvement in washington because of the meeting today, but i still would say the odds, the people placing bets in this town still expect that the nation will go over the fiscal cliff. still a little more hope than when we woke up this morning, but no one is counting on being off on new year's eve. >> jessica, thanks. more now on the raw politics with "new york times" columnist raffle, and cornell belcher. the president said he wanted to see a straight up or down vote. as we mentioned, that will happen on monday in the senate. he could lose that up or down vote. >> what you're likely to see is somet
lower taxes versus more of a social safety net. and every time they come close to a deal, it falls apart because they have this fundamental disagreement about ideas. that's how we got here. they cannot agree on this basic notionation over this idealogical divide in america. >> what happens next? how likely it is we will go over the fiscal cliff. i'm curious what the mood is like in washington, d.c. right now? >> there's an infinitesimal improvement in washington because of the...
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the end of the single largest tax cut was the extension of the alternative minimum tax which came from chuck grassley who ultimately voted against the plan. three and a half weeks in of a single republican in the house votes for it and three msm at not including those that had their amendments added, and we move on from there from of a single one voting for a reason to deviate to initiative. that for me represents a difference. and a difference would suggest a willingness to try to figure out how you can solve some problems even if there are other places you want to stop on the president and democrats did that with bush at other times but the contrast between where the two parties are now. so they are no angels here but we do have one party that this not that far from the mid fielder area of the weeks moved and the other party is behind its goal post. >> i see the problems with both sides. i don't like the training because who decides where the middle of the field is and so a lot of republicans would probably say yes but we have set for 40 years we don't want to go there and now at our
the end of the single largest tax cut was the extension of the alternative minimum tax which came from chuck grassley who ultimately voted against the plan. three and a half weeks in of a single republican in the house votes for it and three msm at not including those that had their amendments added, and we move on from there from of a single one voting for a reason to deviate to initiative. that for me represents a difference. and a difference would suggest a willingness to try to figure out...
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they want to raise taxes on somebody. so is there any possibility that either side will budge on those two issues? >> we'll have to wait and see what happens. the president, as funny as it sounds, at the end of the press conference came out and said if the senate can't get this done, let's do the bare minimum, my plan and let's raise taxes on $250,000 and do that if you can't reach some other agreement. it's absurd on this. >> if there were real entitlement reform -- >> and there were real entitlement reform, would you be willing to raise taxes on anybody just so the democrats could save face and say they got a deal? >> it would have to be some pretty serious entitlement. >> like what? like what? >> we'll have to wait and see how that comes out. >> see, that's the problem? >> let's take the basics. you have food stamp issues with a lot of food stamp fraud that's out there and you have people certified to get food stamps and i don't have an issue with someone who has an actual need and qualifies for it. i have a real issue
they want to raise taxes on somebody. so is there any possibility that either side will budge on those two issues? >> we'll have to wait and see what happens. the president, as funny as it sounds, at the end of the press conference came out and said if the senate can't get this done, let's do the bare minimum, my plan and let's raise taxes on $250,000 and do that if you can't reach some other agreement. it's absurd on this. >> if there were real entitlement reform -- >> and...
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but those two things will offset the estate tax, as i understand it, is a big sticking point. obama wants to see it go up. the senate republicans will insist that it stays at its kurnt rate. this is what happens when you make deals with very little time to spare. you basically force your respective party forces to swal slow what you give him. >> thank you. we'll be back in a moment. this is "hardball" the place for politics. we're all having such a great year in the gulf, we've decided to put aside our rivalry. 'cause all our states are great. and now is when the gulf gets even better. the beaches and waters couldn't be more beautiful. take a boat ride or just lay in the sun. enjoy the wildlife and natural beauty. and don't forget our amazing seafood. so come to the gulf, you'll have a great time. especially in alabama. you mean mississippi. that's florida. say louisiana or there's no dessert. brought to you by bp and all of us who call the gulf home. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often han
but those two things will offset the estate tax, as i understand it, is a big sticking point. obama wants to see it go up. the senate republicans will insist that it stays at its kurnt rate. this is what happens when you make deals with very little time to spare. you basically force your respective party forces to swal slow what you give him. >> thank you. we'll be back in a moment. this is "hardball" the place for politics. we're all having such a great year in the gulf, we've...
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with income and payroll tax cuts set to expire monday, taxes would go up for most everyone next week. $110 billion in spending cuts will kick in. and 2 million jobless americans will lose their unemployment benefits. like karen duckett of maryland who hasn't been able to find work since being laid off as a housekeeping manager at a retirement community last year. her unemployment benefits set to end tomorrow. >> this has been the toughest year, probably, in my entire life. >> reporter: duckett, a breast cancer survivor, worries how she'll care for her 14-year-old grandson and has a message for lawmakers. >> remember, these are people. it's not just numbers on a piece of paper. we are actually human beings, suffering out here. >> reporter: and over on capitol hill tonight, nbc's kelly o'donnell reports that the political balance in this, natalie, is critical to get a deal done, to get a deal passed before the deadline, saying that an agreement between republican and democratic senate leaders could give cover to their house counterparts for bipartisan support. by the way, there is one o
with income and payroll tax cuts set to expire monday, taxes would go up for most everyone next week. $110 billion in spending cuts will kick in. and 2 million jobless americans will lose their unemployment benefits. like karen duckett of maryland who hasn't been able to find work since being laid off as a housekeeping manager at a retirement community last year. her unemployment benefits set to end tomorrow. >> this has been the toughest year, probably, in my entire life. >>...
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. >> just four days until taxes go up for all americans. tonight what you're telling washington. >>> not again, a giant storm on the move. >>> scare at sea, the cruise ship nightmare unfolding, the captain who warned the passengers ahead of time, but it didn't work. >>> and at last. ♪ at last the american greats me lost this year. ♪ moon river the lasting gifts and the laughs they leave behind. >> everything you do, do it cool. stand back. >>> good evening on this friday night. diane is spending this holiday weekend with her family. we begin with the 11th hour high stakes meeting at the white house late today to avoid the fiscal cliff. but no deal, asanger builds across the country, the clock is ticking. just four days left before taxes go up for all americans and federal programs see major cuts. we've shown you the math here. the average american household would see their tax bill go up nearly $3,500. this evening, president obama telling congress, the american people are watching what we're doing here. he appeared in the briefing room
. >> just four days until taxes go up for all americans. tonight what you're telling washington. >>> not again, a giant storm on the move. >>> scare at sea, the cruise ship nightmare unfolding, the captain who warned the passengers ahead of time, but it didn't work. >>> and at last. ♪ at last the american greats me lost this year. ♪ moon river the lasting gifts and the laughs they leave behind. >> everything you do, do it cool. stand back. >>>...